One Liberty Properties'
chief executive officer, Jeffrey Fishman, quit amid allegations of improper financial dealings.
The Great Neck, N.Y., commercial real estate investment trust named its chairman, Frederic H. Gould, to the added posts of CEO and president to replace Fishman.
One Liberty said it made the move after "the discovery by the Company of what appears to be inappropriate financial dealings by Mr. Fishman with a former tenant of a property owned by a joint venture in which the Company is a venture partner." Further details weren't disclosed.
One Liberty said its audit committee is probing the matter, but the company doesn't believe its previously filed results will change.
On Thursday, shares of One Liberty fell 32 cents to $21.82.